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IoT Analytics Market (Component - Software, and Services; Deployment Type - Cloud, and On-premises; End-user - Healthcare, BFSI, Manufacturing, Retail, Government and Defense, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : February, 2021

  • Rep Id : ICT00208

  • Category : Electronics, ICT and Semiconductors

  • Status : Published

A recent report published by Infinium Global Research on IoT analytics market provides in-depth analysis of segments and sub-segments in the global as well as regional IoT analytics market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional IoT analytics market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global IoT analytics market. According to the report, the global IoT analytics market is projected to grow at a CAGR of 30.5% over the forecast period of 2020-2026.

 

Market Insight

Advancements in the IT and electronic industry have given birth to several innovative technologies such as artificial intelligence (AI), Machine Learning, Big data, and cloud computing. Internet of Things (IoT) is one of such innovations in the field of IT industry. IoT works on a network of interconnected devices attached through wired or wireless connections. All the devices are connected to the workstation system that is used for identification. The major purpose of IoT is to accumulate data and control the surrounding environments through various sensors. The IoT analytics analyze the data generated by these connected devices. IoT analytics use data analysis tools and procedures to derive value from the huge volumes of data from IoT devices. IoT analytics allows organizations to optimize their operations, and improve decision making. Moreover, it can help organizations in improving human productivity, enhance equipment maintenance, and operations optimization and automation.

 

Within the novel coronavirus (COVID-19) pandemic, technological solutions have been critical in keeping cities functional. The long-lasting impacts of engaging technologies on urban areas may occur beyond COVID-19. IoT enabled control and automation systems to support remote workers for manufacturers and businesses to provide services. The IoT protocols, especially Bluetooth Low Energy (BLE) along with NFC, RFID, GPS, and Wi-Fi are receiving much attention for providing solutions to these challenges. Furthermore, these technologies are playing a growing role in helping authorities inhibit the further spread of COVID-19, while also treating those that are unfortunately infected. IoT, in specific and particularly when combined with other transformative technologies such as Cloud and AI, has seen use in a wide range of applications during this crisis. This in turn, is expected to boost the market growth over shorter time period.

 

The growing adoption of IoT devices in emerging industry verticals is majorly driving the growth of the global IoT analytics market. The IoT analytics help in identifying potential issues in several industries, enabling businesses to perform predictive maintenance and avoid costly downtime. Information derived by the IoT analytics is utilized to analyze trends, which helps business owners to gain insights into decisive trends and make informed evidence-based decisions. Moreover, the evolution of edge computing for the IoT Ecosystem is further propelling the growth of the market. Edge Computing for the Internet of Things assists the IoT ecosystem through data processing closer to the end device. However, the rise in the concerns regarding data security is majorly hampering the market growth for the global IoT analytics market. IoT-enabled devices produce a large volume of data. If the IoT devices are poorly protected, then cyber attackers may use them as entry points to cause damage to other devices in the network. On the other hand, the growing smart city initiatives across the developing economies are anticipated to boost the IoT analytics market in the future.

 

In terms of region, North America generated the highest revenue in the global IoT analytics market. The growing application of IoT and connected devices is the major factor driving the growth of the North America IoT analytics market. Large automotive, manufacturing, aerospace, electronic industries are producing an enormous opportunity for the North America IoT analytics market in the forecast period. Moreover, the growing activities in the field of IoT by the major technology players such as Apple and Google are supporting the growth of the North America IoT analytics market. The growing number of smart city initiatives and the rising trend of smart homes in North America are also contributing to the growth of the IoT analytics market in North America. Whereas, the Asia Pacific IoT analytics market is anticipated to grow with the highest CAGR over the forecast period of 2020-2026. Easy availability of cost-effective hardware and software rise in the research and development in the field of IoT analytics, and the option to shed very few legacy technologies are some of the factors contributing to the fast growth of the market in the Asia Pacific.

 

Segment Covered

The report on global IoT analytics market covers segments such as component, deployment type, and end-user. On the basis of component, the sub-markets include software, and services. On the basis of deployment type, the sub-markets include cloud, and on-premises. On the basis of end-user, the sub-markets include healthcare, BFSI, manufacturing, retail, government and defense, and others.

 

Companies Profiled:

The report provides profiles of the companies in the market such as IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, Cisco Systems, Inc., Dell Technologies, Inc., Amazon.com, Inc., Alphabet Inc., HP Enterprise Company, and Hitachi, Ltd.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of IoT analytics market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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